Automotive Inverter Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Automotive Inverter Market is segmented By Type (Modified sine wave, pure sine wave, Others), By Outlet (Single outlet, Multiple outlets, USB outlet), By Technology (IGBT, MOSFET), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Automotive Inverter Market Overview

A Report by DataM Intelligence estimates the Global Automotive Inverter market to grow at a CAGR Of 17.2% during the forecast period 2024-2031.

An inverter is a power electronic device that changes direct current to alternating current, and the resulting A.C frequency obtained depends on the particular device employed. Since car batteries provide D.C voltage and most consumer electronics embedded in an automobile work on an A.C source, a car power inverter is needed to run the AC source devices on the road. With a car power inverter installed, any electronic device can be plugged into the car and used with a few caveats. A few vital constraints to be kept in mind while using an automobile inverter are the rated output of the alternator, capacity of the car battery, and output wattage of the inverter. Inverters work by utilizing a unidirectional DC power source to a rotating current (AC) power source. Electronic inverters are oscillators that quickly switch the polarity of the DC power source, which makes a square wave. Most inverters incorporate additional components that create either a modified or pure sine wave since most electronic gadgets work on the sine wave. Any individual who spends his major time traveling on the road can benefit from inverters. Applications of inverters are particularly valuable on long travels, for outdoors, for individuals who travel for business, for over-the-road truck drivers, and for other comparative applications.

Automotive Inverter Market Summary

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Automotive Inverter Market Dynamics

The global Automotive Inverter growth is driven by the emerging markets, and huge investments in research and development are the factors responsible for the growth of this market. Moreover, the rising demand for high-efficiency investors is expected to drive the market.

Increasing demand for automobiles is likely to favor the market growth during the forecast period

With the increasing population, the demand for vehicles is also increasing significantly, imposing a lot of pressure on the automobile industries to level up their production processes to match the global demand for automobiles. The increasing living standards of the people create a competitive edge among the key players to provide their vehicles with excellent features, discriminating them from their competitors. The key players are investing huge amounts of money in research and development to bring up new advances in their products, thereby increasing human comfort. According to a report by Statista, it is expected that 110 million vehicles will be produced by 2025, and Asia is on the verge of becoming the hottest market in terms of passenger vehicle production; moreover, it is projected that the worldwide auto industry will develop up to nine trillion U.S. dollars by 2030. It is expected that new vehicle deals will represent around 38% of the total worth. The increased demand for automobiles is likely to favor the market growth for automotive investors during the forecast period. They are a real benefit for people who spend a lot of time traveling in their vehicles. These devices are beneficial for long road trips, camping, for people who travel for business, over-the-road truck drivers, and other similar applications. Devices like Televisions, DVD and Blu-ray players, Power tools, etc., can be easily operated using an automotive inverter, thereby providing increased human comfort. By employing an automotive inverter, you can never run out of power, enjoy outdoor activities without hindrance, have zero running costs, and are eco-friendly. The technology, Insulated-gate bipolar transistors (IGBT) used in Automotive Invertor, almost represented the worldwide automotive inverter market in 2018. From 2018 through 2029, the market for metal oxide semiconductor field impact semiconductors (MOSFET) auto inverters is expected to develop quickly from 121.6 million U.S. dollars to 8.3 billion U.S. dollars across the world.

High cost is likely to hinder the market growth during the forecast period

A power inverter isn't a commonly used vehicle device; many car owners are not even familiar with it. Few people simply purchase a cheap vehicle power inverter which increased and hides security risks. Ordinary family car users rarely use power inverters in daily life because they often charge their phones by associating a 12v car power supply directly.  Only in long-distance traveling by car or on some special occasions, the power inverter appears as an "emergency electricity converter."

Automotive Inverter Market Segmentation Analysis

By type, the market is segmented into Modified sine wave, pure sine wave, and others. By outlet, the market is segmented into a single outlet, multiple outlets, and USB outlets. By technology, the market is segmented into IGBT and MOSFET.

The pure sine wave segment of the automotive inverter is likely to grow at a rapid rate during the forecast period

The high effectiveness of pure sine wave automotive investors is likely to favor the market growth during the forecast period. They produce a sine wave that is quite similar to the AC power available from the home's power outlets. Some devices in the vehicle which work on uninterruptible power supplies may fail to work correctly without a steady pure sine wave. Besides being expensive, its effectiveness outpasses it and makes it an ideal choice for consumers. High-quality sine wave inverters are evaluated at 90-95% proficiency. Lower quality modified sine wave inverters are less proficient - 75-85%. High-frequency inverters usually are more proficient than low-frequency. Inverter productivity relies upon inverter load.

Automotive Inverter Market Geographical Share

The Asia Pacific is expected to witness the fastest growing Automotive Inverter Market due to the increased automotive activities across the region. The rising demand for automobiles due to the increasing population in developing countries such as China and India is likely to favor the market growth for Automotive inverters across the region. The automobile industry has been a significant driver of China's economic momentum. China was the world's leading car manufacturer country in 2019, delivering around 21 million traveler vehicles, claiming a 26.5 percent share of total global vehicle production. The vehicle populace in China has been expanding and stood at 281 million in 2019. The vehicle parc of China has been expanding dramatically because of the quickly expanding new vehicle enrolment. Guangdong leads country-wide as the province hosting the most registered vehicles with 2.6 million new registered vehicles in 2019. Increased manufacturing and sales activities in the automobile sector are likely to favor the market growth during the forecast period.

Europe is also expected to witness significant growth in the Automotive Inverter market due to the increasing demand for automobiles across the region. Many key players like Mercedes, Audi, BMW, Porsche, Opel, and Volkswagen across the region make it an ideal place for witnessing significant market growth for Automotive Inverters. Germany across the region is the country with the highest automobile activities, and the value of the automobile industry in Germany is 511.95 billion euros.

Automotive Inverter Companies and Competitive Landscape

The Automotive Inverter market is fragmented with the presence of regional and global players. The competitive contour lies with the increase in the regional company and growing investment in upstream applications. KRIËGER, BESTEK, Energizer, Duracell, GoWISE, SUPER ONE, STANLEY, Cobra Power Inverters, DeWalt, Milwaukee, and Ryobi are the major player in the sensors market. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the Automotive Inverter market globally.

KRIËGER

Krieger is the leader in Solar Energy solutions. KRIËGER produces 12 and 24-volt DC to AC power inverters, and step-up and step-down 110 to 220V voltage transformers. KRIËGER designs and manufactures the most technologically advanced power products on the market today. Committed to continuously offering the most innovative, efficient, and environmentally responsible equipment, KRIËGER invests significant resources in ongoing research and development and continuously refining the existing products. KRIËGER's wide range of power inverters is the ideal choice for the customers. KRIËGER’s extensive product line includes modified and pure sine wave inverters ranging from 1100 Watts to 4000 Watts, step-up and step-down 110 to 220V voltage transformers, as well as a full range of power solutions for every application.